Housing in Academic district to enjoy demand, Rustem Galeev says

25 September 2008 (08:42)

‘There are certain criteria to use when deciding on a dwellings’ affordability. If 30% to 40% of the population can afford to buy a place at the existing price, the housing in the country is really affordable. This covers purchases made with the help of mortgages and savings plans, too,’ Ural Chamber of Real Estate’s CEO Rustem Galeev says.

‘Some people keep wondering if those millions of square meters of housing in Yekaterinburg’s future Academic district will enjoy any demand at all. I am convinced that the answer is ‘yes’, as available housing is still a problem in Yekaterinburg. Thousands of school-leavers stay to live in Yekaterinburg and are not at all ecstatic about living with their parents. Then, there are some other groups of people who’d like to live in Academic district. As this is one of Russia’s few projects of such kind, we may expect an inflow of people from the country’s other regions, people who can use their own savings or loans to buy a home,’ he notes.

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